Redrow profits keep climbing
The Deeside-based national housebuilder expects profits to exceed £300m this year, a 22% increase on 2016.
Following last month’s record half-year results the group said today in a trading update its “trading and performance continues to be robust, as a consequence of a record order book and a further increase in legal completions, combined with better than anticipated increases in average selling prices.”
The statement continued: “Given the strong year-to-date performance the board is confident that Redrow is on track to deliver at least £306m profit before tax for the financial year ending 30 June 2017, an increase of 22% compared to the prior financial year of 2016.”
There was no update on the possible takeover of Bovis, for which Redrow is vying with Galliford Try.
Shares in Redrow opened up 4p at 497p.